WMAL said one day that Warren Buffett, billionaire lefty now owns GEICO. Anyone know for sure?
I don’t know about the Buffett/Geico connection, but I have a friend that works in the insurance claims biz and she says that Geico is the absolute worst company to have to deal with. When I told her I was going to be shopping for better rates, that was the first thing that flew out of her mouth.
If you have Geico, please switch policies before you have to file a claim. If you’ve even considered checking Geico out, please move on to another company to get a rate quote.
And I guess Flo from Progressive won’t be hearing from any FReepers any time soon, huh?
Buffett has owned GEICO for a very long time, perhaps 20 or more years. (GEICO cust since 1986, whenever I speak to them I ask them to give my regards to Mr. B. They’ve always known what I meant)
Yeah it is one of his companies.
http://www.nytimes.com/1995/08/26/business/buffett-moves-to-acquire-all-of-geico.html
Warren E. Buffett is returning his focus to one of his earliest successes. Berkshire Hathaway Inc., which he controls, announced a $2.3 billion cash offer yesterday to buy the 49 percent of the Geico Corporation it does not already own.
Buffet does own Jordan’s Furniture in Boston, Star Furniture in Houston, Homemakers Furniture in DeMoines, and Nebraska Furniture Mart in Omaha and Kansas City. He also owns Shaw Rugs in Dalton, GA.
Buffett first bought shares in Geico in 1943. He bought more shares over the years and then in the nineties his Berkshire Hathaway bought out all remaining shareholders.
I’ve only had one claim in my 20+ years w/GEICO, probably in 1987-1988 or so and they handled it quite promptly and efficiently. A guy fishtailed on a wet road, hit me, and took off. I caught his lic number though. (remember, no internet or email then) After I called them, I had an appt at an estimate/body shop the next day and the whole thing proceded pretty painlessly. Just saying, I don’t know if they are easy or hard to deal with post-accident compared to other carriers. I DO like their customer service. The phone-in menu is pretty lengthy, but once you get someone, they believe in staying with you until all your issues are handled, and there are very few things (in my experience) where they need someone’s permission. Usually one rep can handle your entire situation. I acknowledge, I am with them out of laziness, not because I have shopped half a dozen other carriers.
Yes, Geico is part of Berkshire Hathaway, Buffet’s outfit.
Yes he owns a controlling interest. He owns a slew of well known companies, all with controlling interest.
Search ‘Berkshire-Hathaway’ and you can see the list of companies owned. Geico is on it.
Buffett owns/controls Berkshire-Hathaway.
http://www.berkshirehathaway.com/subs/sublinks.html